Independent German Member of Parliament, Joana Cotar, has slammed the government’s decision to “hastily” sell bitcoin in its possession.
The German government began sending bitcoin to crypto exchanges last month following the seizure of 50,000 BTC in January.
Last week I said that capitulation had already happened in the market. I was wrong on this (only a handful of times in the last two years, but no one is 100% correct all the time).
Very important chart analysis on BTC below, however here we will discuss the psychology.
Market makers want as many as possible to give up. This is the nature of the game.
The sell pressure from Germany and the fear of Mt. Gox has created the second largest liquidation event in the history of Bitcoin.
In reality, these are excuses for market makers to push price down and turn everyone bearish and maximally afraid of lower prices.
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